Investors Flee Treasury Market! Gov’t Raises Only GH¢3.94bn Out of GH¢5.67bn
The treasury market had weak bids because the government again missed its goal for treasury bills. The Bank of Ghana said that the T-bills were undersubscribed by 30.45% at the sale. The bond market is no longer being used by investors because they are looking at other high-return investments instead. The trade data showed that the government got GH¢3.94 billion, which was less than the GH¢5.67 billion that was planned. The 91-day bill got a little more than 77% of the bids. The bids for about GH¢3.07 billion were made. GH¢2.97 billion was taken in. GH¢613.27 million of the bids were made for the 182-day bill. It was thought that the bids that were accepted were worth GH¢608.2 million. A bid of GH¢257 million was also made for the 364-day bill. A deal worth about GH¢254 million was accepted. On the yield curve, interest rates stayed the same at the same time. The 91-day bill had a return of 11.02%. It was also 12.66 percent for the 182-day period.
